Attorney: Property value trends in Vineland are troubling

Feb. 23, 2013

Written by

Hoffman Law Office, 713 E. Landis Ave., Vineland, is holding an informational session for residents to discuss the revaluation today. The session runs from noon to 5 p.m.

More

ADVERTISEMENT

VINELAND — A private statistical analysis on new citywide property values for 2013 shows the average property is valued at twice what it was a year ago. But the small businesses in Vineland saw far greater increases in their property values.

The final numbers, adjusted for the results of initial tax appeals, were made public Wednesday and posted online at the New Jersey Association of County Tax Boards website, www.njactb.org. Residents may be waiting for their final notification letters, however.

The analysis was done by Hoffman Law Office, where a partner said Friday that some additional number-crunching may be done. The firm expects to represent property owners at future tax appeals.

Attorney Michael Hoffman said the trends are as alarming, as anecdotal reports already have suggested.

Groups of residents have come out to City Council meetings twice in the past several weeks to share horror stories about their new property values and, more recently, encounters with the firm that did the study. Council members, some of whom say they’re in the same situation, urge residents to continue appealing.

“Not only am I concerned with what it will do to small businesses, there are specific small businesses that are going to get devastated,” Hoffman said.

Some of his firm’s findings:

• The average Vineland property is worth $240,000 now, an increase of 112 percent over 2012.

• The total property valuation of Vineland now is more than $5 billion. That is an increase from $2.6 billion.

The study also looked at what happened with commercial properties that went from being valued at less than $150,000 to being valued at more than that figure. In those cases, the valuation increase averaged 348 percent. That’s about double the average increase for other commercial properties.

Hoffman said the initial appeal process also includes a remarkable number of rejections. The revaluation process allows for owners to meet with appraisers after receiving their preliminary assessment figures to argue for a lower figure

Hoffman found:

• There were more than 2,300 residential properties that appealed. Of that number, 44.5 percent were denied a lower valuation.

• For commercial properties, 66.4 percent of 364 appeals were denied.

Hoffman said, in his opinion, the appraisers used formulas that aren’t applicable to Vineland and to specific properties.

All properties in Vineland recently were revalued for the first time in more than 50 years. Officials have not yet said how individual property owners’ taxes will be affected.

Appraisal Systems Inc. did the revaluation for Vineland. It has defended its methods as fair.

You will automatically receive the TheDailyJournal.com Top 5 daily email newsletter. If you don't want to receive this newsletter, you can change your newsletter selections in your account preferences.